Latest news with #ChiefExecutive
Telegraph
10-07-2025
- Business
- Telegraph
Royal Mail allowed to scrap second-class Saturday deliveries
Royal Mail will be allowed to scrap Saturday deliveries for second-class post after the cost-cutting move was approved by regulators. Under a radical overhaul announced by Ofcom, the postal service will now deliver second-class letters on as few as two days a week as part of an alternate weekday service from July 28. The regulator said the plans, which would still require letters to be delivered within three working days of collection, could help Royal Mail save between £250m and £425m a year. Ofcom also said its delivery targets will be reduced. The announcement comes after Czech billionaire Daniel Kretinsky completed his £3.6bn takeover of Royal Mail, which has already led to the departure of the company's chief executive in recent weeks. The deal marks the first time the postal service has fallen into foreign ownership in its 500-year history. Following the latest changes to delivery rules, union leaders warned they were not a solution to 'clear problems on the ground' as Royal Mail struggles to recruit and retain staff. 'Best interest of consumers' Ofcom's director for networks and communications Natalie Black said: 'These changes are in the best interests of consumers and businesses, as urgent reform of the postal service is necessary to give it the best chance of survival. 'But changing Royal Mail's obligations alone won't guarantee a better service – the company now has to play its part and implement this effectively. 'We'll be making sure Royal Mail is clear with its customers about what's happening, and passes the benefits of these changes on to them.' Ms Black also signalled a looming rise in stamp prices: 'As part of this process, we've been listening to concerns about increases in stamp prices. So we've launched a review of affordability and plan to publicly consult on this next year.' However, the postal service will still be required to deliver first-class letters the next working day from Monday to Saturday, and there will continue to be a cap on the price of a second-class stamp. Dave Ward, general secretary of the CWU union, said: 'These changes are not a 'one-stop solution' for the problems in the postal service – the real culprit behind these issues is Royal Mail's inability to properly recruit and retain staff, which has led to workloads piling up in delivery offices and vital letters being left behind. 'The new owners of Royal Mail must ensure that the culture of mismanagement and inferior pay and conditions for new staff does not continue under their leadership.'
South China Morning Post
06-07-2025
- Business
- South China Morning Post
Hong Kong well-placed to referee commercial sports disputes
Hong Kong is taking another important step towards becoming a go-to destination for dispute resolution. A month after launching its first legal body to solve international disputes through mediation before a neutral third party, Hong Kong is inviting proposals to run a two-year pilot programme for sports dispute arbitration. The convention signed by 33 countries to establish the Hong Kong-based International Organisation for Mediation is a groundbreaking China-led initiative to promote amicable dispute resolution. Hopefully, before too long, dispute resolution by formal mediation can also be extended to the sports sector. Few sectors can match the growth of sport and its universal appeal across borders and cultural divides. Along with increasing commercialisation, this has created fertile ground for disputes at the elite level. Experts say the pilot two-year programme for sports dispute resolution is a key step towards a neutral intervention mechanism. The Department of Justice says it is seeking joint proposals from an administrator and a technology provider by July 31. Given Hong Kong's international standing in arbitration, a sports dispute resolution process would not have to start from scratch. The proposed pilot scheme follows a pledge in the chief executive's policy address in October to explore establishing such a system. Along with the new organisation for mediation, this can enhance Hong Kong's reputation as an international centre for dispute resolution. The increasingly commercialised sport sector is generating more diverse and complex disputes, leading to the creation of institutions to settle them. The leading example is the Court of Arbitration for Sport based in Switzerland.
Wall Street Journal
02-07-2025
- Business
- Wall Street Journal
Advanced Micro Devices CEO to Get Raise, $33 Million Equity Award
Advanced Micro Devices AMD 1.77%increase; green up pointing triangle Chief Executive Lisa Su is getting a pay raise and an equity award with a target value of $33 million. The chipmaker on Wednesday disclosed its executive team's pay packages for the fiscal year ahead, which included bumping its chief executive's base salary to $1.32 million from $1.26 million.
South China Morning Post
01-07-2025
- Business
- South China Morning Post
On anniversary of Hong Kong handover, John Lee vows to be a ‘reformer' amid challenges
Hong Kong's leader has vowed to be a 'reformer' that rises to challenges rather than becoming a 'complacent idler' in the face of the economic restructuring and geopolitical tensions, as he enters his fourth year in office. In a speech to mark the 28th anniversary of the city's handover to Chinese rule, Chief Executive John Lee Ka-chiu on Tuesday also laid down three priorities in his governance: boosting development backed by security; expediting the Northern Metropolis megaproject near the border with mainland China; and improving residents' livelihoods. Lee said he had full confidence in Hong Kong's development, as long as the city was committed to fully seizing opportunities, undertaking reforms and fostering innovation. He cited a Chinese saying that describes a hard task becoming easy with determined efforts and an easy task getting difficult with inaction. 'We would rather be reformers who rise to challenges than become complacent idlers,' Lee declared at the reception held at the Hong Kong Convention and Exhibition Centre in Wan Chai. 'Amid an ever-changing geopolitical landscape and constantly increasing uncertainties, Hong Kong is able to showcase exactly to the world the certainties of safety, stability and development opportunities. These are precisely what the world needs and seeks.'
Wall Street Journal
17-06-2025
- Business
- Wall Street Journal
The NFL Rainmaker Who's Taking Over the PGA Tour
Over the course of several months, Tiger Woods and the PGA Tour's search committee heard dozens of pitches from candidates hoping to become the Tour's first ever chief executive. But the one that stood out came from someone with no experience in professional golf at all. They wanted to make the PGA Tour more like the National Football League.
