Tokyo’s tax office has a Ferrari for sale. The capital’s branch of the national agency seized a 2-seater Ferrari NV 488 Pista Spider with an estimated price of 56.8 million yen ($390,000) from an owner who failed to pay their tax bill. It will hold an online auction for the car over two days next month, it said on its website. This is not the only luxury item that the agency is auctioning off. Buyers can also bid on high-end real estate and a rare bottle of Suntory Holdings Ltd.’s cult-favorite whiskey Hibiki 30. Read more: https://lnkd.in/evueJs67
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Employees at Fortune
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Victoria Slivkoff
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Updates
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Royal Bank of Canada’s recent CFO firing of its longtime CFO Nadine Ahn and her lawsuit against the bank is putting personal office relationships, whether romantic or platonic, in the spotlight. Now, in a counterclaim, RBC has released more details in connection to allegations against Ahn. An RBC veteran, Ahn, who had been with the bank for about 25 years, was promoted to the role of CFO in 2021. The bank said in a press release in April that she was in an “undisclosed close personal relationship” with another employee, and the relationship “led to preferential treatment of the employee including promotion and compensation increases,” according to RBC. Read more:
RBC countersues fired CFO for 'personal relationship,' bank claims it supported her career
fortune.com
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Target still hasn’t identified its next CFO. But both the CEO and current finance chief are looking forward to getting a person in that seat. Michael Fiddelke, who has served as CFO at Target since Nov. 1, 2019, was named COO, effective Feb. 4. “Michael took on the CFO role just before the pandemic, and he’s done an outstanding job leading the company through a period of unprecedented growth and volatility,” CEO Brian Cornell said. The search for Fiddelke’s replacement as CFO is ongoing, Cornell said. Read more:
Target's CFO and COO keen to wear just one hat as search for new finance chief continues
fortune.com
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“Find the leverage in the world, so you can be more lazy!” Google cofounder Larry Page explained to University of Michigan Class of 2009 graduates that when he was in grad school, he had at least a handful of other ideas he was toying with—along with what would become Google. (In the late 1990s, Page founded the ubiquitous search giant alongside Sergey Brin while the two were earning their PhDs at Stanford.) Their guiding ethos in developing Google, they have said, was to “organize the world’s information and make it universally accessible and useful.” Read more: https://lnkd.in/d5RBivj7
Billionaire Google cofounder Larry Page's unlikely advice for new grads: Be lazy
fortune.com
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Pakistan has a brand new hero. During this year’s Olympic Games in Paris, Arshad Nadeem, a 27-year-old from Pakistan, defeated India’s defending champion, Neeraj Chopra, in the javelin throw. Not only that, Nadeem set a new Olympic record, throwing the javelin 92.97 meters (or 305 feet), becoming the first Pakistani to earn an individual gold medal. It’s the first time the South Asian country has earned a medal since 1992, when its field hockey team notched a bronze. It’s the first gold medal since 1984—also earned by the country’s field hockey team. It was a hard-won victory for Nadeem who grew up one of eight children in a mud brick house in rural Punjab. He got his start in javelin by using “long eucalyptus branches with iron tips on their ends,” his brother told Reuters. Upon Nadeem’s momentous return home, he was quickly fêted with garlands, thousands of fans and a parade in the streets of Karachi in his honor. He also quickly became richer. Read more: https://lnkd.in/eDj4UsZb
Pakistan’s first Olympic winner in 32 years was rewarded with almost $1 million—and a buffalo
fortune.com
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In a recent surprise, Starbucks announced that Chipotle CEO Brian Niccol is the coffee giant’s new chief executive, replacing Laxman Narasimhan. Now Chipotle CFO Jack Hartung has postponed his retirement and is taking on a newly created position. As CFO of Chipotle since 2002, Hartung’s vast knowledge of the company extends right down to appreciating the special seasonings. “I’d be lying if I said I knew that we’d be exactly where we are today,” he told Fortune. Read more in the #CFODaily newsletter:
Chipotle's CEO just bolted—but the company is in good hands, say analysts
fortune.com
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As Democratic presidential nominee Kamala Harris makes her case to the business community, one topic that’s frequently come up is whom she would appoint to high-ranking Treasury positions should she win the election. JPMorgan Chase CEO Jamie Dimon was on the docket of the names discussed this week at the Democratic National Convention within Harris’s inner circle, a person familiar with the matter told CNBC. The Wall Street veteran has been the chairman and CEO of JPMorgan Chase since 2006, and has often spoken out about the state of the American economy. Read more: https://lnkd.in/eu4CAJit
Jamie Dimon has now been floated for a Treasury role by both parties
fortune.com
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Amid all the uncertainties swirling around the November elections, odds are strong that CFOs will face intensifying trade wars no matter who wins. Brace for broader, higher tariffs—a hidden tax that imposes extra costs on consumers or businesses or both. After 70 years of U.S. negotiations with other countries that reduced U.S. tariffs to their lowest levels ever, President Donald Trump in 2018 imposed aggressive new tariffs on products from Argentina, Brazil, Canada, China, the European Union, India, Mexico, and South Korea. Most of those countries quickly launched retaliatory tariffs against the U.S. A study by researchers at several universities found that in the first year or so, U.S. consumers and firms that bought imports lost $51 billion. While Joe Biden changed many of Trump’s policies when he became president, he has barely touched Trump’s tariffs, keeping nearly all of those he inherited and adding many more. Read more:
The painful hidden tax that CFOs must brace for this election season
fortune.com
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Fortune reposted this
My job never ends, and I could work until midnight and still not be done." When Fortune asked Jesper Brodin, CEO of IKEA parent company Ingka Group, about what he does to be more productive, he said, "spend time with family, nature, and exercise." The chief executive added one extra secret: "Laugh often!" Read more about Brodin's take on leadership: bit.ly/3ADtG11
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Investors need to mark Wednesday in fat red ink on their calendar for next week that could ultimately prove far more important than Federal Reserve chair Jay Powell’s speech at Jackson Hole. Wedbush Securities’ Daniel Ives, one of the most influential tech bulls on Wall Street, just began the figurative drumroll in anticipation of Nvidia’s quarterly results expected for Aug. 28. Only don’t confuse these with your run-of-the mill update to investors: according to Ives, they are nothing less than the “most important tech earnings in years.” Read more: https://lnkd.in/e27AArR7
Nvidia's results will be 'the most important tech earnings in years', predicts tech bull Ives
fortune.com