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LONDON (Reuters) - GlaxoSmithKline (GSK.L) has named Iain Mackay from global bank HSBC (HSBA.L) as its new chief financial officer, marking another key appointment by Chief Executive Emma Walmsley as she reshapes the top team at Britain’s biggest drugmaker. Mackay, 56, will leave HSBC at the end of the year and join GSK on Jan. 14, 2019, when he will become CFO designate, the pharmaceuticals group said on Tuesday. The phased move allows for a transition period from January and the end of March 2019, during which GSK’s current finance chief, Simon Dingemans, will hand over the ropes before Mackay takes on full responsibility from April 1.
GSK rose gold light sapphire swarovski double cufflinks previously announced in May that Dingemans, a former Goldman Sachs (GS.N) investment banker who joined in 2011, would be retiring next year, Since Dingemans will only leave at the end of March 2019, he will continue to be responsible for delivering on 2018 financial results, Dingemans will not receive any severance payment and Mackay will similarly not get any special payment to mark his arrival, a company spokesman said, The change provides a further opportunity for Walmsley to stamp her imprint on GSK as she tries to boost sales and improve productivity, especially in the core pharmaceuticals division..
Walmsley, who took over in April 2017, has already appointed a new head of pharmaceuticals in Luke Miels and a new head of drug research in Hal Barron, as well as making Karenann Terrell head of digital operations. While banking is very different to pharmaceuticals, Walmsley said Mackay would bring valuable experience as the finance head of another complex global organization within a highly regulated industry. “He is a strong leader with a track record of driving cost, cash and capital allocation discipline to deliver strategy. These capabilities will be vital as we continue to implement our innovation, performance and trust priorities for the benefit of patients and shareholders,” she added.
BERLIN (Reuters) - German rose gold light sapphire swarovski double cufflinks car and truck manufacturer Daimler (DAIGn.DE) on Tuesday said it has dropped plans to expand its Iran business in reaction to renewed U.S, sanctions, which come into effect on Tuesday, “We have ceased our already restricted activities in Iran in accordance with the applicable sanctions”, Daimler told Reuters in a statement, In early 2016, Daimler established a joint venture with Iranian vehicle manufacturer and dealer Iran Khodro Co to make and distribute Mercedes-Benz trucks in the country..
SHANGHAI (Reuters) - Chinese state media kept up their criticism of U.S. President Donald Trump’s trade policies, with a newspaper on Tuesday describing as “wishful thinking” Trump’s belief that a fall in Chinese stocks was a sign of his winning the trade war. As the world’s two biggest economies remained locked in a heated tariff dispute, Beijing and Washington have kept up a blistering rhetoric with threats and counter-threats of more punitive trade measures. The editorial in the official China Daily underscored an increasingly aggressive stance adopted by Chinese state media against Trump, a shift from their previous approach of tempering any direct criticism against the U.S. president.
On Monday, the overseas edition of the Communist Party’s People’s Daily newspaper singled out Trump, saying he was starring in his own “street fighter-style deceitful drama of extortion and intimidation”, China proposed retaliatory tariffs on $60 billion worth of U.S, goods ranging from liquefied natural gas (LNG) to some aircraft on Friday, following the Trump administration’s plan for a higher 25 percent tariff on $200 billion worth of Chinese imports, The China Daily referred to a Saturday Tweet by Trump which rose gold light sapphire swarovski double cufflinks said “Tariffs are working far better than anyone anticipated, China market has dropped 27 percent in last four months.”..
China’s stock market was performing poorly before the U.S. administration imposed tariffs, said the English-language newspaper, asserting that the downturn was partly due to Beijing’s attempts to cut corporate debt. The paper said Trump’s claim that “tariffs are working big time” was undermined by data showing the U.S. trade deficit climbed $3 billion to $46.3 billion in June, the first increase in four months. The China Daily is often used by the government to communicate its message to an international audience.
Trump has repeatedly criticized China for its trade deficit with the United States, saying it showed Beijing was engaging in unfair trade practices, Chinese state media has also been promoting the message that the country’s economy is strong enough to ride out the trade war, In a separate commentary, in the People’s Daily overseas edition, a researcher at the Commerce Ministry reiterated this stance, saying China was strong and resilient enough to weather the trade dispute, “We absolutely have reason to believe that during this complex trade friction, and relying on the domestic market, China can continue rose gold light sapphire swarovski double cufflinks to enhance its leading position in the global economic and industrial system,” researcher Mei Xinyu wrote..
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